Indian employment mkt remains optimistic amid layoffs globally

FOR IMMEDIATE RELEASE
Gurgaon, Haryana, India, Republic of (Free-Press-Release.com) October 19, 2011 -- NEW DELHI: Notwithstanding the wave of layoffs worldwide triggered by tough business conditions, Indian employment market remains optimistic primarily driven by buoyant hiring prospects in the retail sector.

Noting that companies in India are bullish on hiring plans, experts said entities are now more-focused on getting the right talent rather than recruiting in large numbers.

Staffing services firm Ma Foi Randstad's MD and CEO E Balaji said that India is so far insulated from the layoffs happening mostly in the developed world.

"The Indian employment market is cautiously optimistic," he noted.

Going by estimates, about 1.5 million new jobs are created annually in the country, which is way lower than the number of people entering the labour market every year.

Global HR major Hay Group's Mayank Pande said that hiring activities are still on the accelerator, with recruitments expected to grow exponentially in the retail sector.

"Companies are more serious about getting the right talent... many are looking for lesser number but more impactful people," he pointed out.

Unlike the trend in pre-crisis period (2007-08) when companies were ready to hire people at any cost, experts opined that many entities are now weighing various factors, including expenses before making the recruitment.

Pande said that sectors such as defence, hospitality, nuclear power and retail are likely to drive hiring activities in the coming years.

In India, small and medium companies increase their workforce by about 10 to 15 per cent annually while large corporations augment their head count by around five per cent every year, according to estimates.

In signs that global economic conditions are becoming more tough, many global corporations -- spread across diverse sectors -- including Cisco, Nokia, Research In Motion (RIM), Credit Suisse, and US-based Merck & Co have unveiled massive job cuts.

Thousands of jobs are expected to be trimmed by various entities in the coming months, as part of aggressive cost-cutting measures.

American pharma major Merck & Co on Friday announced plans to slash around 13,000 jobs. In recent weeks, Blackberry-maker Research In Motion said it would cut 2,000 jobs while Cisco intends to reduce its workforce by about 6,500.

Source:http://articles.economictimes.indiatimes.com/2011-07-31/news/29835788_1_job-cuts-employment-market-massive-job

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